Apollo Hits Mark for Flagship Fund, Raises $17.5bn

Apollo itself committed roughly $880 million to the fund, according to a statement announcing the close

By

Michael Wursthorn

January 10, 2014 4:32 p.m. GMT

Apollo Global Management, the mega firm led by Leon Black, closed its latest flagship fund at $17.5 billion, raising the largest private equity pool since the economic downturn.

The New York firm said it held a final close for Apollo Investment Fund VIII on December 31 at the vehicle's revised hard cap. Previously, Apollo sought to cap commitments at $15 billion, but recently requested and received permission from investors to raise that ceiling to accommodate greater demand, three people with knowledge of the matter previously...